The Push for Two-Factor Authentication
Written By: Jason Broderick
“I think, I saw you in this video”. An all-too-common message sent through Facebook messenger. If you have a Facebook account, chances are you’ve received a message like this from a friend’s account at some point. Your friend’s account has been hacked and the hacker has sent the same message to all their 496 friends with the hopes of leveraging the trust your friend has spent a lifetime earning to score some fresh new data from their friends and family. Such an embarrassing situation that could have been easily prevented if only they had set up two-factor authentication (2FA) on their account.
Duo Security recently released a report showing that 78% of people report that they have used 2FA before. This is a massive increase compared to the 28% that reported having used 2FA in 2017. So, what’s driving this increase? Money. It’s always about money. This same report from Duo Security showed that 93% of people consider their banking and investing accounts as the most important accounts to secure.
Costly ransomware attacks have dominated cybercrime news with various businesses, governments and non-profits suffering major financial setbacks and even complete financial ruin due to ransomware attacks. The impact has been shocking, but according to the FBI financial losses due to business email compromise and employee account compromise have been 64 times worse than ransomware. One of the best tools we have that can prevent these losses due to account compromise is 2FA. So, what can you do to help? Be an advocate for 2FA. Recommend it to family, friends, and coworkers. Use it at work, use it in your personal life and always smile when you are prompted for your second authentication factor.